Obama signs Puerto Rico debt relief bill

US President Barack Obama on Thursday signed into law a bipartisan bill allowing Puerto Rico to restructure its $70 billion debt, just one day before the island would have careened into default. Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which establishes a financial control board to restore fiscal discipline on the island. Puerto Rico already had missed several payment deadlines and the signing came just hours before the island was expected to default on some $2 billion in debt payments due Friday.